SAN MATEO, Calif. — SolarCity closed a new tax equity fund to finance over $131 million in residential, commercial and military solar projects. The financing partner was not disclosed. The fund covers the capital cost of solar equipment and installation, making it possible for many homeowners to pay less for the power the systems produce than they pay for electricity from the local utility.
“This is the second tax equity fund we’ve closed during the first quarter as we continue our cash generation post–ITC extension and plan to continue our momentum,” said Radford Small, SolarCity’s Executive Vice President, Capital Markets.
The solar industry installed more than 7 GW in 2015, the largest annual total ever and 16 percent above 2014, according to the newly released GTM Research U.S. Solar Market Insight 2015 report.
SolarCity (NASDAQ: SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company makes solar energy easy by taking care of everything from design and permitting to monitoring and maintenance.